charles: it is not good for apple. stuart: thank you. thank you, it is yours. connell: good morning, everybody. dagen: happy holidays. the big bank taking one billion-dollar charge as it tries to slow down. connell: sending the two-party over the fiscal cliff. a number of conservatives that say the president is getting offered too much. dagen: walt has his review. there are some things he says you need to know about. the u.s. economy added 111,000 private sector jobs according to adp. a bit weaker than expected. because of impacts from hurricane sandy. the bank saying it is looking for ways to cut expenses.

those cuts amount to 4% of the companies workforce and is estimated to save $1.1 billion every year. stocks now and every 15 minutes. nicole petallides. nicole: we are looking at a market that is to the downside. let's take a look at citigroup. it is about 4% of the workforce. citigroup is higher. it has had an up arrow throughout the day today. we saw the dow jones industrials this week to the downside. we had two consecutive days in selling. down arrows for the nasdaq. down 1.1%. connell: breaking news out of washington. earlier, speaker boehner speaking about the fiscal cliff.

now it is president obama. let's listen. >> we have emerged not yet where we need to be, but we certainly have made progress. the reason we have made progress in part is because of the outstanding management and productivity and gains and efficiencies that you have been able to achieve in each and every one of your companies. i have said this to some of the small groups, let me repeat it to the large groups, i am passionately rooting for your success. if the companies in this room are doing well, then, small businesses and medium size businesses up and down the chain are doing well. if companies in this room are doing well, then, folks get jobs, consumers get confidence and we will be able to compete around the world. now, the good news is, despite

the extraordinary challenges we have seen over the last four years, there is progress in some key sectors of our economy. we have seen housing finally begin to bounce back for the first time. that has an enormous ripple effect throughout the economy. many of you, over the last two or three years, have experienced record profits or near record profits and have a lot of money where you are prepared to invest in plants and equipment and hire folks. obviously, globally, the economy is still soft. europe will be there for quite some time. asia is not charging forward as quickly as they were navy a few years ago. but, i think what you have unrecognized and what many of you have told me, everybody is working for america. they understand that if we are

able to put forward a long-term agenda, for growth and prosperity, it is broad-based here in the united states, the covenants will not just increase here in the united states, it will increase globally. we can get the cycle i think all of us have been waiting for and want to see. what is holding us back right now, ironically, is a lot of stuff going on in this town. i know that many of you have come down here to try to see if there is a way we can break through the law jim and go ahead and get things done. i am here to tell you that nobody wants to get this done more than me. i know that you have had a lot of briefings. let me describe where the situation is right now with respect to our fiscal situation, both for the opportunities are

and where the challenges are. i campaigned over the last year on the idea that we need to make sure that this economy is growing, that we are providing ladders of opportunity. connell: president obama there in washington. we have lost the shop. if we get it back, we can rejoin the president. one of the things he talked about, passionately rooting for the success of the business leaders. dagen: i think that is fair. about an hour after speaker boehner spoke this morning about the fiscal cliff ago she haitians. in case you missed it, a quick piece of that.

>> if you look at the plant that the white house has talked about thus far, they could not pass either house. dagen: rich benson is here. he is joining us with the latest from d.c. >> i think you can tell where the president was heading with this. we know the president lied on this is the campaign to raise taxes on wealthier americans. he says it is all part of the budget that he has put out over the last few years. that budget calling for tax increases over the next decade on families earning more than $250,000 a year. he campaigned on march revenue less than that.

tax deductions they can't, they just say they would not raise tax rates. that really has been the key to all of this. connell: we are kind of caught in the middle. you saw the president speaking on the screen while rich was speaking. the audio still is not quite right of it. thank you. there we go. citigroup. another big story today. the stock has been up. 11,000 people, though, losing their jobs. that is what happens a lot of times when you cut jobs. dagen: listen up, verizon wants to collect information from infrared cameras and microphones

in your living room. you want to see somebody who is hot, the judge. you will hear how he feels about that very thing. connell: it was a seven figure year. we will tell you exactly how much he brought in. first, the oil market today. 87.69 for crude. we will be right back. ♪

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connell: breaking news as the technical problems are resolved. we rejoin president obama and washington. >> we are not trying -- we are not insisting on break out of spite or out of any kind of partisan bickering. but, rather because we need to raise a certain amount of revenue. we have seen some movement over the last several days among some republicans. there is recognition that maybe

they can accept certain rate increases as long as it is combined with serious entitlement reform and additional spending cuts. if we can get the leadership on the republican side to take that framework, acknowledge that reality, then the numbers actually are not that far apart. another way of putting this is, we can probably solve this in about a week. it is not that tough. we need that conventional breakthrough that says we need to do a balanced plan. that is what the american people voted for. that is how we are going to get it done. let me make one last point. there have been reports. these are not necessarily confirmed and maybe some of you have more insight on i do on

this. that, perhaps, the republicans go ahead and let the middle-class tax cuts get extended, though for income tax cuts go off, otherwise we do not get a deal and next year we come back and the thinking is the republicans will have more leverage because there will be another debt ceiling and we will try to have a stronger hand on it. i have to just tell you, that is a bad strategy for america. it is a bad strategy for your business is. it is not a game that i will play. most of you were involved in discussions and watched the catastrophe that happened in august of 2011. everybody here is concerned about uncertainty. there is no uncertainty like the

prospect that the united states of america, the largest economy, that holds the world reserve currency, possibly defaults on its deficit. that we give up the basic notion that the united states stands behind its obligation. we cannot afford to go there again. this is not just my opinion. it is the opinion of most of the folks in this room. when i hear someone the other side suggesting that to resolve the possibility of a perpetual or a reportedly debt ceiling crisis, that there is a price to pay, the price is paid by the american people and your businesses and the economic environment worldwide. we should not accept going through that. you know, john engler, he and i philosophically do not agree on much -- [ laughter ]

>> you know, i am just being honest about john. he ii a great politician. he comes from the other party. he is exactly right when he says the only thing that the debt ceiling is good for is destroying your credit rating. i want to send a very clear message to people here. we are not going to play that game next year. if congress in any way suggest that they will type negotiations to that feeling both and take us to the brink of default onne again, as part of a budget to go she asian, which, by the way, we have never done in our history, until we did it last year, i will not play that game. with that, let me just say, we

have one path where we resolve this fairly quickly. we have some tough spending cuts. we have modest revenue increases. you get business certainty. you do what you do best. and, we then have an open running world next year to deal with a whole host of other issues like infrastructure, tax reform and immigration reform that will further make america and competitive. that is one option. the other option is to engage in a self-inflicted series of worlds that will potentially push us back into a recession and setback this country after all the work we have done in the last four years digging ourselves out of the hole. i know the decision i would like to make.

all right. so, with that, let me take questions. [ applause ] >> i think the press is. they probably have enough there. [ laughter ] >> let me thank john for his leadership and extending the invitation to me. i appreciate that. dagen: that was the president speaking at the business roundtable. rich edson, what to make of that rich: it is not coming from republican leadership.

their points on the negotiations have really stalled in the last couple weeks. he listed three things to negotiate next year if he gets that tax increase, tax rate increase. infrastructure, tax reform and immigration. he did not mention entitlements. republicans said that is a pretty work with it for them. they are still saying that. a plan for republicans would be to let taxes increase on families earning more than $250,000 this year and then extract next year with another debt ceiling five. the president says it is a bad

fight for america and he is not willing to play that game. much of the business community has been involved in going to the white house. look, these guys are pressuring us to get something done in washington. of course, the white house says that pressure means republicans should cave on tax rate increases. if republicans give in on the tax rate increases, we could get this done in about a week. back to you. connell: thank you. dagen: all those ceos just caved. they folded like a cheap cables. it is time to make it rain like charles payne. connell: we are covering a breaking story today. that is a stock dropped on apple. it is down or the $20. charles: they are losing party

chair and potentially losing war market share in the future. they do have real competition. another thing that is lingering, no longer being able to ride the steve jobs coattails. no longer getting the benefit of the dow. a lot of people questioning where to go from here. the big thing over the last day and a half, the stock is breaking a key support. connell: it is all technical. charles: if dagen has a stock at 570, everyone else and dagen cells, everyone goes to 550. you sort of get this domino affect. it no longer has to do with fundamentals. technicians are saying we are at that point right now. dagen: one thing about the stock, charles.

tim cook is no longer in the glow of the steve jobs era. again, that was a major -- charles: he still would have had enough credit among wall street. every apple's earnings report was not great. it was a component issue. they did not have enough supply. they never put the blame on steve jobs. he has that credibility among wall street. the first time at bat, he struck out. you know what people are saying. connell: it has been such a great performer as a stock for so long. how do you personally look at it? charles: i have it in my retirement account. i would not add it to my stocks

quite yet. almost everybody that uses any sort of real fundamental analysis will say, this is a cheap struck. forget about the share price. this literally should be a $1000 stock. maybe this will ultimately split the stock. i think companies are more focused on products and execution than stock price right now. i will not add to my position until i see some sort of numbers that suggest they will turn it around. connell: we will talk more about apple coming up. dagen: 11,000 jobs, that is a number that citigroup is moving to cut. they are trying to reduce the float and downsize. we will tell you what it means for the bank and your money. connell: walt mossberg is coming on for his weekly appearance to talk about the new itunes 11.

he seems to like it. there are some issues, of course. walt mossberg coming up. ♪

connell: market now is back. a number of big stories we are following today. citigroup. we have scott roston here, the founder and president of trading the street. elizabeth macdonald has been reporting on this. this is not the end. there is more to come at citigroup.

>> looking at the headlines, i would say 11,000 jobs is a bob. roll forward. 900 million of cost savings. it is not unexpected. connell: they save 900 million, i believe, next year. and in 1.1 billion or more after that. do we read into it more and say it is a wall street story? >> we have a new ceo who knows consumer business. try to make his staff and his and person. we have to give him credit for that. bank of america announced something similar. there is still hiring.

hiring at a different level. we do training for the new hires. the numbers are approximately flat, there are 2000 hiring numbers should be similar to 2012. ththe still is a hiring gogoing see, do people still want to work on wall street, do they still want to work there? are they looking at different things now than they did before the crisis? >> the numbers are still there. we do a lottof workshops. they are holding up. i think what is happening, the people that want to go to wall street are really excited about that as a career.

the marginal people -- connell: they figured they didn't have anything else to do and they may make some money. >> the marginal person is pursuing something else. connell: good job covering the news today. >> thank you for having me. dagen: it is almost the bottom of the hour. i can almost pulled my breath until we get to that point. nicole: i want to take a look at a company that we follow so closely. while they had a decent quarter, the outlook is disappointing. the stock has been down significantly. it is down about 18%. slower revenue growth. they have seen this selloff. closures going forward. they are under pressure. that is for pandora. the stock is at $7.79 a share.

the dow jones industrials are back in the green. dagen: thank you. connell: let's get back to apple. we will talk now about itunes 11. walt mossberg is here. he said pretty good compared to previous versions. dagen: walt, great to see you. what are the outstanding changes or the ones that stand out, rather, to you? >> what they basically have done here is, you know, this thing has been out since 2011. it is enormously successful. this thing is slowly climbing towards a billion users. huge amounts of money flow through the itunes store. over those years, a lot of things, a lot of features have been added. this is the biggest update since

2003. they really kind of try to redesign it. the biggest thing i would say is just, flood the -- simplicity and redesign. that is the number one thing. you can see it right away by the fact that the sidebar that we are all familiar with, that tech sidebar with all the choices and things, side, which could get pretty long, is gone. by default, it is turned off. you would think people that are inno tech would be kind of flexible. and many times it is just the opposite. it is creatures of habit. is that happening to some apple

fans here. >> people who are used to fiddling around a lot with the meta- data in their songs. itunes still allows you to do that. they have not taken that away. they have made it probably a little harder to do. they have dropped out certain things. i mean, one thing is, apple had counted some years ago, i guess it was a design phase you call cover flow. remember that, it was a carousel of all the album covers. they just decided it was not being used as much as a thought it would be used. they killed it. you should look at twitter. i tweeted yesterday that cover flow is dead. you know, look, there are some

issues here, but, there is one terrific feature that i have to mention which is called expanded view. if you click on an album cover, this lovely window kind of zooms out and all the songs on the album are on there. you can do a bunch of things with the song titles on their. click on a little arrow. you very simply can add it to the top of your queue of songs you are playing. you can start a playlist. you can go to the store and buy some more things by the artist. that is an example of the cleaning up and simplification of the things. you are right, connell, you are really right. this is like theology. it is like changing some of the

ritual and your church all of a sudden. some people get upset about it. dagen: is it better integrated with the i cloud? thank you for bringing that up. that is a really important thing. itunes has always been thought of as something about the downloading. you buy the song and you downloaded. there are some other services. apple has not done much streaming. this version of itunes allows a lot more streaming from the cloud without first downloading the song. it is not streaming every song anywhere whether you have paid for it or not, it is not a subscription. if you have ever bought anything from itunes or you are a member of itunes match which includes songs that you have not bought from them and cost $25 a year, including tv shows and movies, you can now stream it

before downloading it. there are rumors that apple is going into, for instance, working on a service for an editor of pandora. we saw that in the market segment. i cannot confirm that. i think apple is tiptoeing into streaming, as well as, downloading here. dagen: walt, great to see you. walt mossberg of the "wall street journal." great to see you. connell: breaking news out of washington earlier today. we heard from speaker john boehner. we heard from president obama also. we now have a republican from utah joining the discussion. i want to ask you here, and the time we have, what is going on inside of your party.

speaker boehner is giving away too much, the tax hikes, 800 billion, only half of what president obama has on the table. still, too much for republicans to be in favor of. >> we want to solve the problem. i am proud of what speaker boehner is doing. there are 535 members in the house and the senate. we have to solve this problem. what i like about what speaker boehner is doing, he is at the table trying to get this done. connell: you are behind your speaker is basically what i am hearing. >> absolutely. he does not want to raise rates. we have to get serious. what i have not heard from the president any details on how he would actually cut spending. connell: say if the president were to come up and say i am going to cut into medicare, you know, i don't know if they double it, but they come up with

a lot more in the medicare cuts, are you prepared to vote for tax increases, first of all, are you prepared to go for higher tax rates at all? >> no. we have to solve this long-term. we have to do some entitlement reform. you will vote for some. >> i rather not do that. i don't think it will solve the problem. connell: that is higher taxes. >> no, no. not necessarily. if you get rid of some of the loopholes, it is not talking about raising -- [talking over each other] >> we have always said we want to broaden the base and lowered the rates. that is the principal where we are trying to move forward. the principle is sound. you have to be coupled with cutting spending.

that is the problem we have on the democratic side. we know it is difficult for them. it is not what they want to do. if they are serious about it, they have to give us some specificity. connell: we keep seeing all of these polls were the republicans take the blame whether the president. you buy into that? does that mean you would be more likely to get that done? >> icon from the camp that believes deadlines drive decisions. there will be a lot of jockeying back and forth. comeback december 30. connell: i will not wish you happy new year now. >> i will probably be right here. exactly. connell: thank you for coming on. >> thank you steve for big brother. verizon ready to collect

information in your living room. judge andrew napolitano has a few things to say about that. connell: the perfect guest for the subject. somehow, this is a seven figure earner. i will tell you exactly how much mr. gangnam style brought in. ♪ i always wait until the last minute. can i still ship a gift in time r christmas? yeah, sure you can. great. where's your gift? uh... whew. [ male announcer ] break from the holiday stress. ship fedex express by december 22nd for christmas delivery.

>> i have your fox business brief. the service sector grew at a faster than expected pace in october. the institute for supply management rose 54.7. shares of energy are searching today after the company

announced with its french partner oil company that they had made a significant oil discovery at the north platte offshore property in the gulf of mexico. elizabeth murdoch and one of -- died at the age of 103. she is survived by three of her four children. news corporation is the parent of the fox business network. that is the latest from the fox business network. giving you the power to prosper. ♪ [ male announcer ] this is amy. amy likes to invest in the market.

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connell: shibani joshi in the newsroom with this story. shibani: it is about time if you are a facebook investor. it wanted to be in the presence of the tech grades. it will be part of the big leagues next week. it has included facebook and swap out emphasis. they will put facebook in its place. the beginning of the business day on december 12. you may not know what the nasdaq 100 is, but chances are, you probably own some of it. the nasdaq 100 includes some of the heaviest hitters in the technology industry. we are talking about google and apple. also some other names that you may not know of. dollar tree, starbucks.

some interesting choices. this is a big index fund. a lot of them try to track the nasdaq 100 so they as a result will end up buying facebook shares. dagen: thank you, shibani. starbucks offering a limited edition $450 gift card made of stainless steal. it will come with a gold level starbucks membership. that includes gifts and free refills. it will initially be made available exclusively through gilt.com. only $400 is on the card. it cost $50 to make.

you decide. is a youtube sensation gangnam style closer to 1 billion views? psy will bring in $7 billion. more than half of his take comes from commercial endorsements. connell: good for him. it is a very cool video. very well done. it is so catchy. connell: let's go back to the cold now. dagen: you are a nerd who is 80. nicole: you got to love gangnam style. nicole: let's take a look at the stock in how apple is very.

also, to microsoft, as well. this is based on some data that was compiled. while apple actually did get a buy rating today, they continue to pull back down. 4.2%. nowhere near the $700 mark near the all-time high. let's take a look at the major market averages right now. the tech heavy nasdaq is to the upside. the s&p and the dow our winners. back to you. dagen: thank you. connell: verizon wants eyes and ears on you right in your living room listening to conversations, watching what you are watching. the judge is here to talk to us about it next.

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connell: a quick note on fox business. pre-paid dividends for eight quarters. cut down to closing bell at 3:00 o'clock. stay tuned for that. dagen: verizon wants to invade your privacy in your own home, all in the name of advertising. it will collect information from

cameras and microphones in your living room. connell: event argument were to be heard in the living room, marriage counseling would be prompted. dagen: boning, you know, groaning, heavy breathing. >> i did not write the intro. it is crazy. verizon supplies your home. they have to tell you about it. otherwise, they would violate state and federal privacy laws. that is a problem number one. problem number two, if verizon is in your living room, the government is in your living room. they have a habit of persuading,

not using the force of law, not using a subpoena. persuading telecoms to give them access to their information about us. it is interesting. about six months before he resigned, general petraeus gave the private speech and the transcript was leaked to a group of telecom executives saying we will soon know whatever what is doing in the house whenever we want to know. he apparently knew more about it than he wanted. connell: i am picturing -- >> verizon claims we will like this. who wants big brother in the living room? dagen: ultimately, down the road, what is your option? >> you could tell them to go take a hike. you could do that by saying, no,

i do not want your equipment in my house. dagen: if you are a suspicious person, do you trust the box in your house. you could say to verizon, i will go to another provider, if you live in an area where you have another choice. i live in new york city so i have a lot of other choices. dagen: google is working on something. dagen: that was like four years ago. when a private entity does it, we do not have to purchase their product. when a private entity does it, we can tailor what we want. i only want this, i only want this, i do not want that. they fear a class action against them for a violation of your privacy. that is a team of lawyers representing millions of people

whose privacy has been violated. if the justice department was doing their job, they fear an indictment from invasion of privacy. dagen: i am so impressed with "homeland." >> they will be setting them off before you ask for them. dagen: at that, i think, people would agree to. if there is enough outrage before the product is even introduce, do you think they will back off the back just the fact that they applied for a patent does not mean they will get it or that they will use the product. we are probably a few years ahead of this game, unless they are farther ahead than they have led us to believe. dagee: for a sliver of a second, i actually liked connell because we are both obsessed with

"homeland." the finale is this sunday. connell: i think there are two left this season. coming up, much more on market now. dagen: sons of anarchy finale was last night, in case you missed it. connell: plus, the new war among retailers on same-day delivery. cheryl and dennis are coming up. ♪

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dagen: we just trademarked it, thank you. dennis: i am dennis kneale. cheryl: i'm cheryl casone. citigroup stock up. more cuts could be coming. dennis: friendly fire for housepainter. he is caving in to the president. we will talk to one of them straight ahead. cheryl: order a new tv on your phone, have it delivered that day. ebay launching a same-day delivery business. dennis: fedex, eat your heart out. nicole petallides at the new york stock exchange. the dow up despite the fiscal cliff phobia. nicole: we have been selling off for a couple of days. the dow down 75 points. we had a little bit of room to snap back and move to the upside.

the vix fear index has moved lower at the moment. moving things along as well. watching the banking index and the drug index with a perilous. the nasdaq composite still cannot squeeze out a gain. the dow has significantly improved up three quarters of 1%. i wanted to take a look at one of the bank stocks, citigroup streamlining and cutting out the excess under their new ceo. what we are seeing is they will cut about 4% of their workforce, 11,000 workers worldwide. that will bring in savings about $1.1 billion. this is streamlining and cutting out the excess. back to you. cheryl: nicole petallides, a busy day for that gentleman. we are joined by wells fargo managing director and senior bank analyst. you said in your note you would be surprised, you are surprised by the magnitude of this. you knew he would come in and

make some changes. he did not think it would be this big and this fast. >> right, the new ceo has only been in the seat for seven weeks. this is a pretty big statement about where he wants his focus to be in the company in the near term given the challenge in revenue environment. a 2% reduction in expenses is meaningful, we think it add to earnings per share over the next couple of years by 5% to 6%. it is unfortunate for those subject to these cuts, we think it is good news for the stock in the near term to be a good idea of what thi his focus will be ie near term. cheryl: he is so near term to the job. many expected michael o'neill to come in and make these types of changes. do you think usually architected all this? speak we commit an argument on two sides of the same coin. the first time in 13 or so

years, you have a banker who is the ceo of the company. a chairman of the company. they're bringing a real focus to the core nuts and bolts of the company. in this revenue environment, that means being much tighter on expenses than citigroup has historically done. cheryl: $476 billion they took during the financial crisis. the government was there to help citigroup and lend them a hand. is this new citigroup going to be a better citigroup? >> i certainly think there will be four more focus on generating the operating leverage in each of the individual businesses in the company has been for quite some time. in our view, citigroup's model for the past decade or so has really focused on growth and specifically within revenue growth. not so much within expense

discipline. now you have two gentlemen that are focused making sure the expense dividend is part of the story. cheryl: we are so top-heavy covetous bureaucratic, too many middle managers and players. what do they need to do to deliver on the earnings per share and kind of get the taint off of the name citigroup. >> getting rid of what's referred to as taint is a long, slow process that won't be done in one press release or one day or one earnings announcement. i think the fact that you now have a new management team in place, a management team we believe is focused on generating cost savings. that in and of itself takes away some of the sting of what happened with the capital process, capital planning process earlier this year which was a disappointment for the market. and frankly at this point it is

one step atta time in this revenue. cheryl: the handling of the departure, were you troubled by the way it was handled, the earnings release that he is out, did you feel they were not forthcoming with shareholders? >> i think the process could have been handled a bit more smoothly. but the first time we've seen something like this over the size of citigroup. it makes it an issue for investors. having the issue that matter is if o'neill and corbis can continue down the road they announced today, investors will relatively quickly put that in the back of their minds and focus forward and what the profitability is on it. cheryl: thank you very much for coming in helping us cover the breaking news today. thank you very much. dennis: president obama pushing the fiscal cliff to the business leaders. cheryl: speaker john boehner is

getting an earful saying he is caving. rich edson is in washington with more. >> perhaps folks in washington are thinking maybe these two sides will get down to actually doing sometime soon but they say that is noo happening right now. house speaker john boehner said he's willing to sit down and talk to the president. we asked the white house if they plan on calling the speaker of the house inviting him over for a phone call, the white house hasn't responded to that question. coming down to two objects. >> if all you're relying on his closing exceptions and loopholes. let me amend that. it is not wise to do as a practical matter. >> they will come from guess

who. the rich. there are ways to limit the options, close the polls and have them pay more of their money to the federal government without raising tax rates. >> that seems to be the key to this entire fiscal cliff mess. president obama saying the roundtable was struck by ceo's willingness to pay higher taxes and patriotic duty and the president also talked about speculation they may want another death to inflate next year. he has to break that habit before it starts though it is of course up to congress to raise the debt ceiling by passing along. thank you. dennis: our next guest says they have the perfect solution for the financial woes. joining us now, one of those critical of the house speaker. thank you for being with us.

let's just cut to the chase, what is your fix, sir? >> when you think fair share to the president's administration says, think flat tax. the president talks about warren buffett should pay with his secretary pays, but he is not proposed a single idea that will make that happen. we have the perfect idea. you want them to pay the same rate, i want them to pay the same rate, but i have a way to do it. you give a 15% flat tax on income taxed, capital gains, gift tax, to put it across the board and then you will see everybody pay the same rate if you make more you pay more. if you make less, you pay less. the speaker and others keep talking about how we are going after the rich. i will never be there, don't care about defending the rich, want to send a system that lets everybody have that chance. england tried this in 2009, they

put a hefty pay income tax on people making more than a million dollars per year. the next year they went to 6000 people. and you lose money com, you dont gain revenue. what happens to the middle class? middle class has to suck up even more tax because you are so stupid in your tax policy you actually thought she would tax rich people, but they move. the middle class cannot move. you have a deduction for one home mortgage interest deduction and for charitable deductions. our party has put charitable deduction restrictions on the table. let me tell you come that would kill charities which plays right into this administration. they want the government to be the only charity in america when actually true charities do a better job of getting help to people who need it.

dennis: that is one fantastic filibuster of an answer, but i have not heard the flat tax come up at all. is this simply cannot address until next year or something that should be introduced right now in trying to fix this mess? >> it is what i'm trying to do right now. ran a poll has talked a flat tax. half the people on the hill have talked about a flat tax and what i see is a big problem and easy solution. it has no chance. if people across america start saying let's have a flat tax to warren buffett and everybody pays the same rate, we have a shot at getting something done. dennis: isn't it true ultimately a flat tax does amount to a tax cut on the rich? the average american family, $30,000 in company the tax rate around 7% federally income and average family earning over a million dollars in u.s. pay the tax rate around 25% of income.

just do a tax cut to the rich. >> not when you eliminate all the deductions for charitable and home mortgage interest because you look at people like mitt romney and others don't pay 39%. look at warren buffett, he pays 15% for capital gains tax and there's no reason everybody in america shouldn't be able to pay the same rate that the rich like warren buffett do. the rich found out how to game the system. they take capital gains and not regular income. dennis: and a flat tax in all of that. thank you for being with us. have a good day. cheryl: always entertaining. despite the debate over the fiscal cliff and other problems facing us, the dow under 16 points right now.

ways to play coming up. dennis: the netflix disney movie deal, we will tell you why netflix shareholders might want to turn some down. cheryl: ebay's plan to deliver the items that you really have to have now as in within the hour. dennis: and let's take a look at metal. i've been a superintendent for 30 some years at many diffent park service units across the united states. the only time i' ever had a break is when i was on maternity leave. i have retired from doing this one thing that i loved. now, i'm going to be able to have the time to explore something different. it's like another chapter.

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dennis: 15 past the hour, stocks now every 15 minutes. team coverage for you. phil flynn at the cme, sandra smith watching the bull run. nicole on the floor the nyse ofe where traders cast it aside fiscal cliff phobia for now. nicole: taking little bit of a breather. the dow jones industrial having a winning day on wall street. now with this move we are positive for the week. focusing on financials, that is key. we are seeing the financials lead the way as one of the groups doing quite well. as concerns abou ccncerned aboul cliff and merges and acquisitions do not hurt.

that's if they hit psychology on wall street in this case in a good way. we are seeing up arrows for the dow, and the s&p, taking the nasdaq have had a hard time. back to you. >> unbelievable day to day. after the hurricane we are begging for gasoline supplies. refiners to the occasion, running at summerlike levels, about 15 years since 2001. a huge increase in gasoline supplies actually saw kind of a bearish number on crude oil or whatever. a build of almost 7.8 million barrels putting gasoline supplies back to normal, that is what we're looking for. i hear you're looking at a bull run. tell me about it. sandra: we're looking at the s&p

500. the dow back about 13,000. this dates back to march of 2009 when the bull market we're i wen in the stock market began. up 117% since that day. hear what some of the major analysts are saying about that. over at bank of america maryland. the bull market will be four years old in march of 2013. the average of a bull run is four years. six of the last 11 lasted at least four years, five of those 11 lasted five years. three of the 11 bull market lasted over six years, so she is saying looking at the s&p 500, watch 1435, above there, this market will set itself up to continue the bull market run.

cheryl: sandra smith, phil flynn, nicole petallides, thank you very much. can't make money with charles payne. dennis: a look at the megadeal. charles: sandra smith set it up perfectly. everybody was selling, americans sold $50 billion out of equity out of fear and emotion. me and dan stein get into it all the time about this. all the information is out there. whatever the share price is that day, that is the value of the company. yesterday you would have missed 80% over. you sold the stock yesterday would have missed 80% moved to the thinking all information is known, based in th sent the stok price therefore i should sell. so many people sold market basd on this notion. it is driven emotionally. long-term fundamentals payout. don't go out of stock because you are done, do your homework.

it can always be your friend. cheryl: my good friend, charles payne, see later. dennis: looking for the christmas gift for somebody who has everything? a starbucks gift card going for $450. cheryl: sometimes you want something immediately, but now you don't even have to go to the store to get it. the new war for same-day delivery. the challenge against amazon and wal-mart. dennis: how the currency is faring today against the u.s. dollar. [ male announcer ] how can power consumption in china,

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>> 23 minutes past the hour, this is your fox news minute. witnesses telling reuters a gas bomb is being thrown by demonstrators outside the presidential palace. mohamed morsi is back at the palace after running from tens of thousands of protesters swarming outside yesterday. those demonstrators furious over the recent power grab and his rush on a new constitution. figure six for clinton continues to voice u.s. concerned over syrian president assad possible use of chemical weapons.

and a south korean news agency is reporting that north korea is days away from a rocket launch. of course claimed all three stages of the missile are in place, sources tell i tone thans agency the launch would probably come sometime between next monday and wednesday. that is a quick look at your headlines making news, that to you. cheryl: what if you ordered from a retailer on your iphone instead of waiting a couple of days for delivery commute got it in about an hour for just a $5 delivery charge? that is what ebay is testing in san francisco right now. jeff abraham, director of local ebay marketplaces. you have done a lot in your short life can be done well with this technology and the company sold to ebay for a few million dollars but now you're pushing this delivery model. why do you think you can go up against the amazon and wal-mart of the world with this new model? >> i think there are a couple of

really interesting things to think about with this model. consumers value the ease of use, convenience, time is a really big factor. people are busy these days. haven't bought all these gifts for family and friends, ebay is the perfect twill. you can have it delivered in typically under an hour, which is pretty incredible. we think it is a compelling proposition. cheryl: there has been some missteps in that communication and a $5 charge. i have to wonder how can ebay make money on this? is this some type of deal with the retailers will cut to make a profit here? >> right now it is really a focus on user experience and engagement. we want to make it posssble to

users that we can be able to build a great product and a great business. cheryl: do you think you would consider doing some sort of kickback relationship with other retailers through working with? they're going to be getting more sales out of ebay in this new platform: don't you think? >> this is a compelling platform for retailers. position themselves as a partner, different from anyone else operating in this space. it makes sense to connect online buyers with off-line sellers. we are committed with that. cheryl: other retailers are thinking about doing the same thing. what difficulties are you having right now? is there something you'd like to see improved in the service? speak to one of the things we're

always looking to do is add more retail partners to the service. we have 56 on the platform, great selection right now, but all the data we have seems to point the more selection you have, the better the places you have in the better the service gets. we are doing really well at that today. there is still a lot more work to do. cheryl: it certainly is an interesting concept, it may checcontinue on. dennis: citigroup cutting 11,000 jobs and elizabeth macdonald says it may be the beginning. she is coming up. cheryl: protest in egypt once again. despite the growing crowd, the new president will impose islamic surreal law. [ male announcer ] this isis the age of knowing what you're made of.

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>> i am nicole petallides live on the floor of the new york stock exchange for every 15 minutes we do the stock now. some stocks to watch, these are in the betting sector looking closely at the mattress company. when you look at some of these names, the overall feeling here is that they're having to slash the full year numbers, temper p. vick, you can see these names coming under pressure. sales have been dropping. the fact the sales trend are under some pressure and lower customer traffic. take a look at some of these names.

these are significant moves. select comfort down 11%. the major market averages, tech heavy nasdaq, the dow up 115-point. back to you. cheryl: we will see you 15 minutes from now. citigroup/11,000 jobs today. dennis: elizabeth macdonald has learned even more job cuts may be ahead. >> we have breaking news. insiders are telling fox business that the new ceo is under pressure from insiders to revamp the bank or break it up. they say the supermarket banking structure does not work anymore. this is what insiders are telling fox business about more cuts coming beyond the 11,000 cuts that this would represent 4% of the workforce. this essentially top executives are focused on cutting off the excess in the banks.

this is ceo michael corbart and also michael o'neill. who is the chairman. nobody will come t to the conclusion they will sit back and do nothing else. the insider talking to fox business and want mor why ms are coming beyond 11,000. essentially saying we are living too long with too many layers, dysfunction, we need to rationalize our operation. one of the most top-heavy bureaucratic banking organizations out there. basically citigroup is the third-biggest u.s. bank. it received the biggest bank bailout in the country. $476 billion in cash credit and guarantees so the 11,000 may just be for starts. in coming months and may see more job cuts at citigroup. cheryl: you have got to be

talking about the board he had to go before he made these cuts saying this is the review, they had to prove it. very interesting. >> they both have been reviewing the bank operations not just since october and not just since the fall when insiders are telling fox business that michael corbat would take the reins. they have been looking at it for a long time. they're starting overseas with shutting down operations not returning any investments back to the bank and whether or not the footprint gets smaller in the united states is such a debate inside the citigroup. back to you guys. dennis: thank you, elizabeth macdonald. despite the doom and gloom, stocks are rocking today. we're joined by a bus killing bear who says it won't last. you say we are in the early deflationary depression, so why is the dow up right now? >> last time you were on use of

the same thing. just because today is th other e long term is up. people are paying off their debt, talking about raising taxes, too much uncertainty out there. why is the stock market up? there are a lot of uncertainties similar to government reports, we don't know where the numbers come from but in the long run the issue we see our people will start to bail out of equities, take money out as they find the other asset classes are starting to decline. this has become a major issue going into next year, 2014. dennis: the fed has increased the supply of money. $2 trillion net increase, how can we have deflation when the money supply is inflated by that much? >> this is what is puzzling the federal reserve, how could that be. why isn't the economy growing and none of them going down? trying to support it. the issue is socially people

have changed the way they think, they are not in the spending mode anymore like they were in the 90s and early 2000. smaller is better now, they're cutting back and trying to pay down their debt. there's tremendous amount of debt still out there, and the banking system is very fragile and they're not telling us the details. dennis: you could be totally right in the long term, the problem is we can lose a lot of money and forgo the way you can finally be right. a lot of guys that this doom and gloom in march 2009. are you too early? >> what do you do? have your finger on the trigger. this is like musical chairs. the other day it stops tremendously. look at apple with the amount of apple, in a heartbeat. that is how fragile this practice. there is no volume read who is

controlling this market? when the bubble burst, and everything starts to come in, when the banking system starts to show some stress, some of the loans and home starts to decrease in value even further going into next year the fed has done everything they can. dennis: you talk about an equity bubble, stocks now 13, 14. you say all asset classes will go down? gold $1200 per ounce. something has to go up. what do you buy? >> i have non-traded for income invested in apartment buildings or commercial real estate. i have stocks in the dollar area where people go they can't go to the high-end. i also have conversed etf, and pretty much balanced but ready with the trigger.

dennis: thank you for being with us. thank you. cheryl: from bad to worse, violence is raging in cairo, take a look at the pictures we've just gotten in. petro bombs are being thrown outside the presidential palace. insisting on a controversial draft constitutional go ahead despite all the crowds. joining us now, the illusion of islamic democracy, senior fellow of democracy, you have written extensively in the national review about what you are seeing in egypt and you say this is an islamic renaissance and the brothemuslim brotherhood will gt exactly what they want. >> i believe they will. i believe that because we looked at the last decade or so, elections we've now had about

four times going back a little over a year, in the original elections islamist parties, the groups which are even more ravaged than the brotherhood is have one but margins of about 4-1. cheryl: wa it was not like a hue referendum and they came into power in june. >> morsi, sylvi some of the islt split. they split in the last minute when the candidate got pushed aside and he did not run against a secular democrat. cheryl: what does this mean for the united states and israel and the border they share? >> the muslim brotherhood and islamist mass movement it represents art you revocable he opposed to the west and the united states. the justice department prove in court a couple of years back the

brotherhood says its missio misn the united states is to eliminate and destroy western civilization. it makes the world much more dangerous for the united states. cheryl: why doesn't the united states cut off the funding? that is the simplest thing. speak to my sense is the reason i don't if they will have no leverage in the equation if they cut the funding off, that is because we're dealing with people in the united states. the prayer of getting them to do anything with what we would like. cheryl: fascinating article, thank you very much, andrew. dennis: maybe something good can come out of the fiscal cliff. online gambling gaming in the negotiations. cheryl: man-made seven figures, we will tell you how much it brought in. i love it. it is fun.

dennis: i would much rather watch them dance. it's a new day. if you're a man with low testosterone, you should know that axiron is here. the only underarm treatment for low t. that's right, the one you apply to the underarm. axiron is not for use in women or anyone younger than 18. axiron can transfer to others through direct contact. women, especially those who are or who may become pregnant, and children should avoid contact whe axiron is applied as unexpected signs of puberty in children or changes in body hair or creased acnen women may occur. report these signs and symptoms to your doctor if they occur. tell your doctor about all medical conditions and medications. do not use if you have prostate or breast cancer. serious side effects could include increased risk of prostate cancer;

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$650 million. mother of news corp. chief executive rupert murdoch and one of australia's most generous philanthropist died at the age of 103. survived by three of her four children as well as numerous grandchildren and great-grandchildren. parent company of the fox business network. that is latest in the fox business network giving you the power to prosper. but they' gonna fall in love, get married, have a couple of kids, [ children laughing ] move to the country, and live a long, happy life together wre they almost never fight about money. [ dog barks ] because right after they get married, they'll find some retirement people who are paid on salary, not commission. they'll get straightforward guidance and be able to focus on other things, like each other, which isn't rocket science. it's just common sense. from td ameritrade. at legalzoom, we've created a better place to handle your legal needs. maybeou have questions about incorporating a business you'd like to start.

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they have long wanted federal system for online poker anyway. and have you seen this? the california federation of teachers created tax the rich. it shows a wealthy person urinating on lower income americans. the rich collect wealth through tax loopholes and tax evasion. nice stuff. that is your "west coast minute." a quarter until it's never 50 minutes, you're watching oxford industries. nicole: very interesting. this is under the oxford umbrella, but they gave an outlook it is somewhat below the expectations for this is why the stock is down nearly 10% today. that is a really big move for oxford industries. third-quarter earnings climbed 85% but again so much of it is about the guidance.

look at the major market averages. the nasdaq composite improving throughout the day today, down just one quarter of 1% now while the dow has exploded to the upside. back to you. dennis: thank you very much, nicole. one company has a new take on the teambuilding workshops may have been forced into by your company. programs make a difference. joiiing me now for the "small business, big idea," cofounder and ceo. you managed to put 11,000 artificial hands helping amputees in 44 countries just this year, and that ha is a wayo teach about teen buildings. >> we create programs that were revolutionary.

with our passion for philanthropy with our passson for learning. one in a line of projects we treated. trading at about 10 years ago and this is our newest offering. dennis: are you there to help teambuilding or amputees? >> talk about collaboration, executives, concepts, whatever the initiative of the day is for the company. and when you blend the training content with the experiential project of philanthropy it drives the why of the work. the purpose of their work and how we get things done. the latest trend is people have brand-new things. the behaviors, new tools. a whole new landscape business wise. nobody has ever built a prosthetic hand. after an hour of putting that

together, they recognize the connections between all the parts of their business, the end-user and the personal touches they get to give to it. dennis: it seems to offer two things. they learn the teambuilding and the second thing is do you think the workers come younger workers have a need to have some extra social agenda they're serving it to those making more widgets? >> absolutely. i want to know it is in there for the right reasons. they don't feel there is a sustainable learning environment that they are not actually benefiting people in the real world is built on smoke and mirrors, the y. is part of the extension of the helping hand. there are millions of hands and companies building walls or building bridges and rebuild a hand that they're extending to the customer and to each other as they build their future.

dennis: do have some big or small company names you have advice on this? >> pepsi, you name it, shall come a lot of are participating. dennis: giving us some savvy business advice, nicely done. good day to you, sir. cheryl: are you looking for the perfect christmas gift? why not give them the new $450 starbucks gift card? also take a look at the winners over on the nasdaq. we will be right back. having you ship my gifts couldn't be easier.

well, having a ton of locations doesn't hurt. and a santa to boot! [ chuckles ] right, baby. oh, sir. that is a customer. oh...sorry about that. male announcer ] break from the holiday stress. fedex office. male announcer ] i have obligations. cutestress. tobligations, but obligatio.ing. i need to rethink the core of my portfolio. what i really need is sleep. introducing the ishares core, building blocks for the heart of your portfolio. find out why 9 out of 10 lae professional investors choose ishares for their etfs. ishares by blackrock. call 1-800-ishares for a prospectus which includes investment objectives, risks, charges and expenses. read and consider it carefully before investing. risk includes possible loss of principal.

cheryl: breaking news into fox business. international olympic committee says it is postponed any decision on lance armstrong. the cyclist already stripped of the tour de france titles could now lose the bronze medal he won back in 2004 during the olympic games. we will keep you posted. dennis: netflix shares falling to do a bit after 14% surge yesterday on the new deal with disney. netflix will pay $300 million per year ende and compete with o and showtime. focusing on original shows such as hbo boardwalk empire and showtime's homeland. the cost of the deal and how exclusive it really is. and for the coffee addict who has way too much money to spend, there is this. $450 starbucks gift card made of

stainless steel. only 5000 are being made and you can buy it only on guilt.com on friday. one key question, what do you do when you've used it up. frame it or refill it? airing from 1967 until '75. in television, nothing succeeds like the trend. cheryl: because hawaii 50 has been a huge success. they thought it would be horrible. huge ratings. dennis: the long tail. cheryl: i will send a media thing for. korean pop singer psy whooping it up "gangnam style" all the way to the bank with 1 billion views on youtube. the hit songs now said to make psy a multimillionaire.

they reportedly will be raking in $8 million this year for sources like youtube ads, tv commercials. underlining the emergence of new revenue stream for the music industry. something you know a lot about. the fight between the labels. dennis: the big question is whether psy comes back with a soft market where is he the next macarena, who let the dogs out. cheryl: it is so interesting is he did this all himself. he said not to go to sony for the record labels. i will do it on my own. dennis: loving that video. is citigroup the grinch that stole christmas? 11,000 workers laid off with no bonus. cheryl: the fallout, and there could be more layoffs coming. lori and melissa are up next.

before copd...

i took my son fishing every year. we had a great spot, not easy to find, but worth it. but with copd making it hard to breathe, i thought those days might be over. so my dtor prescribed syicort. it heps significantly improve my lungunction starting within five minus. symbicort doesn't replace a rescue inhaler forudden symptoms. with symbicort, today i'm breathing better. and that means...fish on! symbicort is for copd including chronic bnchitis and emphysema. it should not be taken more than twice a day. symbirt may increase your risk of lung infections, osteoporosis, d some eye problems. tell your doctor if you have a heart condition or high blood pressure before taking it. with copd, i thought i'd miss our family tradition. now symbicort significantly improves my lung function, starting within 5 minutes. and that makes a difference in my breathing. today, we're ready for whatever swims our way ask your doctor about symbicort. i got mfirst prescription free. or click to learn more. [ male announcer ] if you can't affordour medication, astrazeneca may be able to help.